The Treasury and HMRC have confirmed that self-employed limited company directors can be furloughed as employees on their PAYE element, even if they’re the sole employee.
Technically this means that they can't work for their own firm for the duration of the crisis (and so long as they take advantage of the scheme), but they can continue to perform their statutory obligations as directors, such as official legal filings.
- You can apply for a business interruption loan. The temporary Coronavirus Business Interruption Loan Scheme is open to self-employed people and offers access to loans, overdrafts, invoice finance and asset finance of up to £5 million for up to six years. The Government could also give you a Business Interruption Payment to cover the first 12 months of interest and fees on the loan. The scheme is now open for applications, and is offered by all major banks. Read more on the Government's Business Support website.
- You can defer your income tax payments. If you have income tax payments due in July 2020 under the self-assessment system, you can defer them until January 2021.
If neither of these apply to you, check if you can claim benefits towards housing and other costs.